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Fredriksen bulker sale shows China price gap

Greece’s Kassian is being linked to the purchase of a Chinese-built bulker

Norwegian shipping tycoon John Fredriksen has continued to dispose of bulkers from his privately controlled fleet with the sale of a kamsarmax bulker.

His Seatankers company has offloaded the 81,000-dwt Sea Ace (built 2012) in an $18.5m deal with a Greek owner, well-placed sources said.

Athens-based brokers said Kassian Maritime Navigation of Greece was the buyer but managers at the company declined to comment.

The price is better than market estimates on the vessel’s value.

The ship, which was constructed at Guangzhou Longxue Shipbuilding, is worth $17.3m to $18.3m, according to estimates from VesselsValue and Maritime Strategies International.

Mind the gap

However, it does show a sharp gap in pricing between Chinese and Japanese-built bulkers.

Brokers at Intermodal noted this week that the Universal-built, 80,000-dwt Key Spring (built 2012) sold for $22.5m in January.

They explained the price paid for the Sea Ace is 21% below that figure with the transactions just five weeks apart.

In January, Fredriksen sold the Jinhai-built, 79,000-dwt Sea Trellis (built 2012) to Axis Bulk Carriers of Greece for $15.5m. This ship has been renamed Captain V Madias.

In the same month, Seatankers, which has been trimming its fleet of Chinese-built bulkers, sold the 57,000-dwt Sea Dias and Sea Athena (both built 2010) to Chinese owners for $11.2m.

The transactions come at a busy time for Fredriksen in the dry cargo market, with his private stable of newbuilding growing quickly.

In the past few months, he has contracted a series of newcastlemax bulkers and a string of kamsarmaxes in China.

Investment of $650m

TradeWinds has reported that the newbuilding investment has now reached $650m.

For Kassian, a deal for the Sea Ace would continue an active period for the Antonis Papadakis-led company in the sale and purchase market.

If confirmed, it would be Kassian’s seventh ship acquisition in under two years, for a total estimated outlay of nearly $90m.

Over the same period, it has raised about $36m from selling five older units.

Today, the company has a fleet of 10 bulkers on the water with an average age of just six years, according to VesselsValue. Panamaxes account for more than half of the ships, with one capesize and three supramaxes also on the company’s books.

Kassian also has one supramax newbuilding under construction in Japan for delivery in 2019.

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Fredriksen bulker sale shows China price gap

Greece’s Kassian is being linked to the purchase of a Chinese-built bulker

Norwegian shipping tycoon John Fredriksen has continued to dispose of bulkers from his privately controlled fleet with the sale of a kamsarmax bulker.

His Seatankers company has offloaded the 81,000-dwt Sea Ace (built 2012) in an $18.5m deal with a Greek owner, well-placed sources said.

Athens-based brokers said Kassian Maritime Navigation of Greece was the buyer but managers at the company declined to comment.

The price is better than market estimates on the vessel’s value.

The ship, which was constructed at Guangzhou Longxue Shipbuilding, is worth $17.3m to $18.3m, according to estimates from VesselsValue and Maritime Strategies International.

Mind the gap

However, it does show a sharp gap in pricing between Chinese and Japanese-built bulkers.

Brokers at Intermodal noted this week that the Universal-built, 80,000-dwt Key Spring (built 2012) sold for $22.5m in January.

They explained the price paid for the Sea Ace is 21% below that figure with the transactions just five weeks apart.

In January, Fredriksen sold the Jinhai-built, 79,000-dwt Sea Trellis (built 2012) to Axis Bulk Carriers of Greece for $15.5m. This ship has been renamed Captain V Madias.

In the same month, Seatankers, which has been trimming its fleet of Chinese-built bulkers, sold the 57,000-dwt Sea Dias and Sea Athena (both built 2010) to Chinese owners for $11.2m.

The transactions come at a busy time for Fredriksen in the dry cargo market, with his private stable of newbuilding growing quickly.

In the past few months, he has contracted a series of newcastlemax bulkers and a string of kamsarmaxes in China.

Investment of $650m

TradeWinds has reported that the newbuilding investment has now reached $650m.

For Kassian, a deal for the Sea Ace would continue an active period for the Antonis Papadakis-led company in the sale and purchase market.

If confirmed, it would be Kassian’s seventh ship acquisition in under two years, for a total estimated outlay of nearly $90m.

Over the same period, it has raised about $36m from selling five older units.

Today, the company has a fleet of 10 bulkers on the water with an average age of just six years, according to VesselsValue. Panamaxes account for more than half of the ships, with one capesize and three supramaxes also on the company’s books.

Kassian also has one supramax newbuilding under construction in Japan for delivery in 2019.